Credit ScoreEnter
the starting credit score for the level being defined. This entry
must be numeric.Use this table to define the credit scores and the associated percentage of the deposit required. This minimum percentage required is based on the net total on the Payment tab of the order entry process.
The customer or co-applicant's credit score (whichever is higher) is compared to the table. Depending on where the credit score falls within the table, the corresponding percentage is obtained. This percentage is multiplied by the Net Total on the Payments tab of the order entry process to determine the minimum deposit required. If the minimum deposit has not been met based on the percentage required, the plan is not available to be used.
If a minimum deposit amount was entered for the plan and this table is also being used, the minimum deposit required is based on both settings and the higher of the two deposit amounts is the required amount.
If a 30% deposit is required for credit scores less than 300, enter 300 in the Credit Score field and 30.00 in the Percentage Rate field.
The Minimum Deposit Amount on the Restrictions tab in Revolving Payment Plan Settings is set to $25.00 and the Minimum Deposit Percentage table is set as follows:
| Credit Score | Percentage |
| 0 | 50% |
| 300 | 30% |
| 650 | 10% |
Customer #1
| Net Total | $667.00 |
| Credit Score | 535 |
| Minimum Deposit Required | $200.10 |
The calculated deposit ($667.00 x 30% = $200.10), based on the customer's credit score, exceeds the minimum deposit amount defined. Therefore the calculated deposit is required.
Customer #2
| Net Total | $238.00 |
| Credit Score | 652 |
| Minimum Deposit Required | $25.00 |
The calculated deposit ($238 x 10% = $23.80), based on the customer's credit score, is less than the minimum deposit amount defined. Therefore the minimum deposit of $25.00 is required.